Cambridge, UK-based CeNeS Pharmaceuticals has raised over £4.8 million in a share placement providing the company with enough funding for the next 18 months at least, it claims.
The firm, which specialises in novel pain management products, says it had
placed just over 74 million new ordinary shares at 6.5p each, and the cash
will be used to develop its current portfolio of products.
Chief executive Neil Clark said the funds will allow the firm to
accelerate its development programme and “further strengthen its balance
sheet ahead of discussions with potential partners.” He added: “CeNeS
anticipates significant newsflow in the coming months and the board
remains confident about the long-term future of the company.”
How rosy that future proves to be will depend much on the success of M6G
(morphine-6-glucuronide) for the treatment of post-operative pain and
CeNeS noted that it has completed patient recruitment in its pivotal Phase
III trial for the drug.
The study enrolled over 500 patients at 24 centers in six countries, and
results are expected in early 2007. Mr Clark added that if the results are
positive, M6G “has the potential to be a significant new medicine.”
